Good morning! Here’s the latest in trending:

Resolving dispute: U.S. lifts export controls on Anthropic’s (ANTHRO) Claude Fable 5 and Mythos 5.

U.S. IPO: South Korean AI memory chipmaker SK Hynix (HXSCL) files to list its shares on Nasdaq.

Big money: Trump’s 927-page financial disclosure report reveals over $1.4B in crypto-related income.

The deadline for the joint review of the U.S.-Mexico-Canada Agreement is here, and the Trump administration is expected to announce that it will not extend the free trade deal. This could potentially start the process of winding down the 32-year-old North American free trade zone.

What to expect: The deadline for the USMCA’s joint review is today, with trade representatives of the three countries scheduled to meet virtually to decide if the pact should be extended for another 16 years. If they don’t agree on revising or extending the USMCA, the countries will hold annual reviews for the next 10 years. If an agreement is not reached, the pact will expire on July 1, 2036. The USMCA, which replaced the North American Free Trade Agreement in 2020 during Trump’s first term, accounts for about 30% of the world’s GDP. In 2024, trilateral trade totaled around $1.99T. It’s important to note that even if the U.S. decides against renewing the USMCA, this won’t terminate the deal right away.

Mexico’s President Claudia Sheinbaum has called for extending the USMCA for 16 years. Canada also favors extension, but Prime Minister Mark Carney downplayed the possibility of that happening. “We’re expecting a constructive exchange,” he told reporters on Tuesday. “I wouldn’t expect any drama. I’m not looking for my pen.” The U.S. wants to rework the deal with tighter rules of origin for North American-built vehicles, stricter limits on Chinese goods in the region, greater access for U.S. farm exports, among other demands. “I see a prolonged period of negotiation and review likely resulting in a final agreement that looks somewhat like today, but maybe with a couple side-car agreements on rules of origin, supply chains and other issues that the U.S. wants resolved,” said Christian Medeiros, vice president at TD Asset Management.

What’s at stake: Experts flagged the risks of annual reviews over the next decade. “A 10-year expiration window may be a lifetime in politics, but it introduces significant uncertainty for global businesses that make large-scale expansion plans on multi-decade timelines,” wrote Scott Lincicome, vice president of General Economics and Stiefel Trade Policy Center, Cato Institute. “So, on the margins, missing the July 1 deadline will likely reduce North American investment.” He said new rules of origin or labor and environmental conditions would impose new costs on North American businesses. “Compliance costs under USMCA’s existing automotive rules of origin — just documentation, classification and reporting burdens — amount to an invisible 2% tariff on cross-border trade.”

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What else is happening…

Microsoft (MSFT) plans to lay off under 2.5% of workforce.

Brookfield, Bloom Energy (BE), expand AI power partnership.

Apple (AAPL)-Epic Games battle heads to Supreme Court.

Micron Technology (MU) commits $250M to Trump Accounts.

Nike’s (NKE) earnings beat not enough to win over Wall Street.

Michael Burry says he shorted Caterpillar (CAT) for first time.

UK scrutiny for Paramount (PSKY)-Warner Bros. (WBD) deal?

Zyn (PM) can be marketed as a less harmful tobacco product.

Emergency order for largest U.S. power grid as heatwave nears.

Supreme Court upholds birthright citizenship in loss for Trump.

Today’s Markets

In Asia, Japan +0.6%. Hong Kong closed. China +0.4%. India +0.6%.
In Europe, at midday, London -0.4%. Paris -0.6%. Frankfurt +0.4%.
Futures at 6:30, Dow -0.2%. S&P -0.2%. Nasdaq -0.4%. Crude -1.2% to $68.70. Gold -1.1% to $3,995.50. Bitcoin -1% to $58,657.
Ten-year Treasury Yield unchanged at 4.47%.

On The Calendar

Companies reporting today include General Mills (GIS) and FactSet Research (FDS).

See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.

A mysterious foodborne parasite outbreak has affected at least 145 people across 17 US states, while a separate surge in southeastern Michigan has sickened more than 150 people, health officials said. Investigators from the US Centres for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA) believe contaminated food consumed within the country could be behind the infections, but the exact source has not yet been identified.

The illness is linked to Cyclospora cayetanensis, a microscopic parasite that causes cyclosporiasis, a stomach infection that can lead to prolonged diarrhoea and other digestive problems.

What has CDC found in Cyclospora outbreak?

CDC surveillance data shows twenty patients have needed hospital treatment, but no deaths have been reported. Health officials said the outbreak is unusual because none of the infected people reported travelling outside the country before falling sick.
Cyclospora infections in the US are often connected to international travel, but investigators now suspect a food product sold domestically may have caused the current outbreak.

What is Cyclospora?

Cyclospora cayetanensis is a tiny parasite that affects the small intestine and causes an infection called cyclosporiasis. People usually become infected by eating food or drinking water contaminated with human faeces. Unlike some infections, health experts say there is currently no evidence that Cyclospora spreads directly from person to person.

Previous outbreaks in the US have often been linked to contaminated fresh produce, including leafy vegetables, herbs and berries, especially during warmer months.

Cyclospora infection symptoms

Symptoms usually appear around one week after infection. Without treatment, the illness can continue for weeks or even months.Common symptoms include:

• Watery diarrhoea
• Loss of appetite
• Weight loss
• Stomach cramps
• Bloating
• Increased gas
• Nausea
• Fatigue

Some people may also experience:

• Vomiting
• Mild fever
• Headache
• Body aches
• Flu-like symptoms

Doctors usually treat cyclosporiasis with antibiotics. In some cases, symptoms may improve temporarily but return later if treatment is not given.

How can people protect themselves?

Health authorities have advised people to follow basic food safety steps to reduce the risk of infection:

• Wash fruits and vegetables properly under clean running water.
• Use a clean brush to scrub firm produce such as cucumbers and melons.
• Cut away damaged or bruised sections before eating.
• Refrigerate peeled, cut or cooked fruits and vegetables within two hours.
• Avoid food or water that may have been contaminated.
• Seek medical advice if diarrhoea continues or stomach symptoms become severe.

Michigan officials have also advised people suffering from diarrhoea or vomiting to drink enough fluids, especially during hot weather.

Which US states have reported the most Cyclospora cases?

New York has reported the highest number of infections, with 31 to 80 confirmed cases. Illinois and Texas have recorded between 11 and 30 cases each. Other states reporting infections include Alaska, Colorado, Connecticut, Florida, Georgia, Louisiana, Massachusetts, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and Wisconsin. Each of these states has reported between one and 10 cases.

Officials warned that the number of infections could rise as investigations continue and more cases are identified.

Why is Michigan seeing a separate Cyclospora outbreak?

While federal agencies investigate the nationwide cases, southeastern Michigan is facing its own growing outbreak. The Michigan Department of Health and Human Services (MDHHS) said the first case was detected on June 22. Since then, infections have been reported across Monroe, Lenawee, Washtenaw, Wayne, Livingston, Shiawassee and Jackson counties.

More than 150 people have fallen ill, making it one of Michigan’s largest recent Cyclospora outbreaks.

Monroe County has reported dozens of infections, with some patients requiring hospitalisation. Officials are interviewing affected people and reviewing their food histories to find a possible common source.

Has the contaminated food source been identified?

Investigators have not yet found the food item responsible for either outbreak. The CDC said, “Local, state and federal (CDC, FDA) public health authorities are investigating several clusters of cases in more than one state. Investigations to identify potential sources are ongoing.”

Michigan health officials also said they are continuing their investigation.

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The Cabinet minister sent people from her office instead

Environment secretary Emma Reynolds did not meet the investors behind a proposed Thames Water rescue package before dismissing the deal last month, it has been revealed.

Reynolds, who holds ministerial responsibility for water policy, left officials within her department to meet representatives of a large creditors’ group, which includes investment giants Apollo, Silverpoint Capital, Elliott Management and the Royal Bank of Canada, despite repeated requests for meetings, it is understood.

The Cabinet minister previously held the role of City minister at the Treasury before a reshuffle in early September.

In a letter addressed to water regulator Ofwat she outlined concerns regarding a rescue deal put forward by the consortium of creditors, known as London & Valley, amid fears that water and wastewater infrastructure “may not be adequately protected”.

Thames Water, which covers a large area of London and the Thames Valley as well as Oxfordshire, Berkshire, Wiltshire and Gloucestershire, is teetering on the edge of being placed into a special administration regime (SAR) – a rarely-invoked insolvency process reserved for critical companies, which would result in the struggling firm being temporarily nationalised, as reported by City AM.

The utility giant supplies 17m customers yet has been buckling under a £20bn debt mountain while battling to settle more than £120m in fines for water pollution. Its financial difficulties and sewage-related controversies have drawn considerable attention from campaigners and Westminster policymakers alike.

Lenders to the business have sought to ward off the threat of nationalisation, amid warnings over additional costs being passed on to taxpayers and the potentially damaging impact on investment.

Likely next Prime Minister Andy Burnham has made no secret of his desire to take “greater public control” over major utility firms, though he has indicated he hopes to operate in “partnership” with the private sector.

A proposal put forward by lenders would provide approximately £3.4bn in equity investment and up to over £6.5bn in debt financing. Some 30 per cent of the company’s existing debt owed to larger creditors would also be written off, dividends would be suspended for nine years, and outstanding fines would be settled.

Reynolds said in June the offer risked adding an “undue cost” for consumers. Creditors, however, maintain that the deal would not push water bills beyond levels already established by Ofwat.

A future stock market flotation of the company could also deliver “significant transparency”, they added.

Labour ministers had indicated as recently as early June that they favoured a “market-based solution”, yet a Downing Street spokesman confirmed that a SAR could be introduced to keep the business operational.

In her address to parliament and in her letter to Ofwat, Reynolds made no reference to the government’s desire for the private sector to step in and rescue the firm.

Despite this, officials continued to tell creditors they believed a “market-based solution” remained the most favourable outcome for Thames Water, according to a source with knowledge of the discussions.

A Department for Environment, Food and Rural Affairs spokesperson said: “Thames Water customers have been let down for far too long, with 15 years of underperformance, increasing serious pollution, and customers left to pick up the bill.

“The secretary of state has written to Ofwat to outline her early views that she is not convinced the current proposal is good enough for consumers or the environment. We are prepared for any eventuality.”

A spokesman for the London & Valley Water Consortium said: “Experienced turnaround investors, including some of the largest investors in UK water and infrastructure, have worked in good faith to design a highly ambitious long-term solution that recognises the full extent of Thames Water’s problems and protects customers and the environment.

“We are confident that our plan is by far the fastest route to improve outcomes for customers and the environment, without any Government funding or any cost to taxpayers. All other routes offer significantly worse outcomes for customers and the environment.”

Struggling to get a refund?

Rebecca Wilcox reveals the tricks some companies use to avoid paying up, from giving you the runaround to making the process so complicated you give up. Plus, how to use your consumer rights to fight back.

To watch this with subtitles go to BBC iPlayer and search for Morning Live from 01/07/2026

Since 1 April, charges related to the insulation scheme – called the Energy Company Obligation – have been scrapped, and for three years, renewable energy projects will be 75%-funded by general taxation instead of a levy on energy bills.

Before the changes, energy bills in England, Scotland and Wales included additional charges to help fund insulation for low-income households, and subsidise green energy projects such as wind farms and solar panels.

Nearly everyone in England, Wales and Scotland will benefit from this cut, although the amounts will vary between households.

However, the cost of maintaining and strengthening energy network infrastructure like power lines, cables and gas pipes is rising.

In December 2025, Ofgem said it had approved a £28bn investment to improve the electricity and gas grids in Great Britain.

It said this will strengthen the energy supply, and better shield customers from volatile energy prices. It will also reduce Britain’s dependence on gas.

Customers will pay part of the cost of the upgrade, through an additional £108 added to energy bills by 2031.

These charges started to appear from April 2026, adding about £6 a month to the bill for a typical household covered by the energy cap.

In April, the government also announced separate plans to change the way electricity is priced to ensure that household energy bills are less vulnerable to spikes in gas prices.

It also wants customers to benefit more from the cheaper running costs of renewable energy sources like wind and solar power.

The government has not said how much bills might fall but believes savings could be “significant”. It said the changes could be in place by spring 2027.